The regulator has added two more entities to its warning list and advised the public not to invest with them.

Malta’s financial watchdog, the Malta Financial Services Authority (MFSA), issued a statement today after becoming aware that two entities going by the names of MXTrade and Trading Banks were operating without the appropriate licences.

Suggested articles

Trading Banks

TradingBanks is also owned by Grizzly Limited with the same registered address. TradingBanks operates online via www.tradingbanks.com and also provides a range of trading services including forex, metal trading and CFDs.

The MFSA has flagged MXTrade and TradingBanks, together with Grizzly Limited, alerting the public in Malta and abroad that none of these entities possess a licence authorised by them to provide any investment or other financial services under Maltese law.

In its statement today, the MFSA has advised investors and consumers of financial services that prior to making any investment or entering into any financial services transaction, they should ascertain that the entity with whom the investment or transaction is being made is authorised to provide such services prior to investing any money.

The public has thus been advised to abstain from any business or transactions with these entities and to be aware of the increased risk caused by the lack of authorisation required to provide financial services in Malta and the European Union.

After recently publishing a warning against unlicenced payments provider, Emexpay, the Maltese watchdog continues its efforts to clamp down on unauthorised financial activities in the country, resulting in the exposure of both MXTrade and TradingBanks today for flouting its rules and regulations.